I'm about to make an offer on a house owned by a mentally ill man.

I just dont think I could mentally pay a mortgage every month and see the balance stay the same, but I am using the same strategy that Peter used (short term IO) rehabbing a 3plex currently.

If they don't have any money, you won't collect.Tenant mentality says that if your wages get garnished, you simply quit your job.

Honestly, I am still very young, and my parents are very risk-aversed people, so I'm trying to keep from mentally killing them in the process by being risk-aversed myself. 

Even though it's "cheap" debt, it would just be a mental thing for me.

I can get handwritten statement from several people who have witnessed the effect it has had on my mental stability.

They just can't make that mental committment.Good Luck,NavyDoc

Rich or poor the mentality should always be the same in figuring out if what you are getting value in return for what you are paying for. 

These problems soak up a lot of time and mental energy. 

(at least for the time being, lol)Just like Luke said, in a seasonal market like Destin, you really need to look at annual revenue numbers versus just an occupancy and ADR mentality.